Ubiq is an Ethereum hard fork that operates completely separate from the Ethereum ecosystem. In this article, as Kriptokoin.com, “What is Ubiq?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is Ubiq? What does UBQ do?
Ubiq runs a slightly modified version of the Ethereum Blockchain. It also implements the Ethereum Virtual Machine for smart contracts and DApps. Ubiq prioritizes stability, methodical and error-free upgrades.
Also, this is important for enterprise applications as a constantly changing platform poses a technology risk. Companies using Ubiq smart contracts have the advantage of being able to be confident that their contracts will continue to function properly once new upgrades go into production.
What are the benefits of Ubiq?
- Ubiq has been hard forked from the Ethereum Blockchain. At the same time, its code has been changed to the level of consensus. However, its functionality is still similar to the main Blockchain Ethereum. The Ubiq platform facilitates the creation and execution of smart contracts, as it does to the ETH Blockchain.
- The Ubiq platform allows UBQ mining by generating blocks with an average block time of 88 seconds. Ubiq Blockchain uses a PoW consensus with the Dagger Hashimoto algorithm to generate blocks. The same mechanism is used by the ETH Blockchain. However, the growth of DAG size decreases with longer block times. This allows lower end graphics cards to mine for more than 6 years.
- The Flux difficulty algorithm was developed by the Ubiq Network, which was created as a solution to problems found in previous Ethereum forks. A specific problem is the lack of efficient difficulty adjustment algorithm to dynamically adjust the hash rate.
- Changes to the Ubiq code allow the Flux difficulty algorithm to reach an average block time of 88 seconds. The algorithm achieves this by analyzing changes in hash rate timestamps over the past two hours.
What makes the UBQ project unique?
In stark contrast to Bitcoin, Ubiq’s functionality is not limited to peer-to-peer transactions. It is used to pay transaction fees within the Ubiq platform. Although the UBQ project is based on Ethereum, it controls the inflation rate of UBQ through an established monetary policy.
It is a platform that facilitates DeFi creation of decentralized applications based on Ubiq Blockchain. Another key difference that Ubiq has is its unique Flux difficulty adjustment algorithm, which maintains a fixed block time of 88 seconds.
What is Ubiq? How to buy UBQ?
Exchanges that can be traded with UBQ; Bittrex, Cryptopia, Upbit and LiteBit.eu. To purchase coins, these steps are followed:
First, access the web/mobile application of the UBQ-listing exchange you selected as the first step. Then complete the account opening steps of the exchange. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, choose UBQ with the balance you want and create a purchase order. Store it in your trusted accounts.
